Equities Pullback on Overseas Selling
Traders initially came out hitting bids due to selling in the Far East markets. The NYSE volume ratio and the NASDAQ volume ratio were weak, but are starting to climb.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are mixed. The RSI readings for the e-mini S&P 500 (EPM7), the NASDAQ 100 (ENQM7), and the DJ Euro STOXX 50 (DSXM7) are positive. The RSI reading for the Dow (DJI) is somewhat negative.
The Q.NYSEVolRatio is flashing a reading of 34.4% up-volume, which indicates selling pressure. The Q.NASDAQVolRatio reading is 43.9 % up-volume, which indicates slight selling pressure.
The MACD and the RSI readings for the CLEM7 contract, Crude Oil for June traded on Globex, are indicating a short-term downtrend.
The RSI readings for Gold (GCM7) and the MACD action are indicating a short-term downtrend.
Yields are mixed in the Treasury market today.
The EUR/USD pair is trading higher based on the MACD and the RSI readings.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis shows the market opening weak, but recovering. The volume ratio readings were low to start and are now climbing.
The chart of the NASDAQ 100 index and the NASDAQ volume ratio on a 15-minute basis shows this index starting out down, but is now climbing higher. However, there is a lot of overhead resistance. The volume ratio was not as low as the NYSE ratio, which is a positive, and is now improving.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.